St Andrew Goldfields Ltd.
TSX : SAS

St Andrew Goldfields Ltd.

July 11, 2005 17:20 ET

St Andrew Announces $6 Million Private Placement for Exploration and Development Programs

OAKVILLE, ONTARIO--(CCNMatthews - July 11, 2005) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew") announces it is undertaking a private placement financing for total gross proceeds of $6,000,000.

The private placement will consist of flow-through and common shares. A total of 55,555,555 flow-through shares will be offered. The price of each flow-through share will be $0.09 per share for total gross proceeds of $5,000,000. A total of 12,500,000 common shares will be offered at $0.08 per share for gross proceeds of $1,000,000.

The proceeds from the financing will be used for exploration and development expenses with respect to St Andrew's proposed 2005 Timmins Program, including the Clavos and Taylor Advanced Exploration Projects and Nixon Fork, Alaska. St Andrew's participation in the Eskay Creek Summer drill program and general corporate purposes. All the securities issued pursuant to the foregoing will be subject to a four-month hold period. The private placement is subject to the approval of the Toronto Stock Exchange.

Insiders will be participating in the private placement.

It is anticipated that the closing of the offering will occur by August 5, 2005.

Shares Outstanding - 531 million

For further information about St Andrew Goldfields Ltd., please visit St Andrew's website at www.standrewgoldfields.com or contact Investor Relations toll-free at 1-800-463-5139 or email investor@standrewgoldfields.com

This press release shall not constitute an offer of securities for sale in the United States. Securities of St Andrew may not be offered or sold in the United States absent registration or an exemption from registration.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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